Pakistan receives another $1 billion
ISLAMABAD: Pakistan received another $1 billion from China as a commercial loan late Friday night.
The State Bank of Pakistan (SBP) has confirmed the receipt of the loan, deposited into the designated SBP’s account.
On Friday evening, finance minister Senator Muhammad Ishaq Dar disclosed that the SBP would receive another $1 billion commercial loan from China.
File photo of the US dollars as Pakistan receives another $1 billion in commercial loan from China on Friday.
The SBP spokesperson said. “The received amount of $1 billion from China is specifically classified as a commercial loan. The funds are intended for commercial purposes and the government will utilize them for various developmental projects in Pakistan.”
Pakistan will receive $1 billion from China
Earlier, sources told The Truth International that Pakistan will receive a $1 billion loan from China any time on Friday night.
According to sources, the government has arranged a $1 billion commercial loan from Chinese banks. The amount will be handed over to the State Bank of Pakistan tonight (June 16).
This arrangement would strengthen the foreign exchange reserves of the State Bank of Pakistan.
Meanwhile, the government will also easily manage the repayment of foreign loans by June 30, 2023. Pakistan is supposed to repay more than $2 billion in foreign loans this month.
After receiving $1 billion from China, the central bank’s reserves have increased to above $5 billion. The government has lined up one billion dollars worth of commercial loans from Chinese banks.
The new loan will also support the government to ease pressure on the foreign exchange reserves as the IMF is delaying the resumption of loans.
Instead of releasing the stalled tranche to Pakistan, IMF officials are coming up with different excuses to delay the loan program.
IMF and enemies want Pakistan to become Sri Lanka, says Dar
Finance Minister Senator Muhammad Ishaq Dar finally disclosed that the enemies of Pakistan and IMF want Pakistan to become Sri Lanka.
Addressing a press conference on Thursday in Islamabad, Dar said that geopolitics was going on against Pakistan as some elements are dreaming of the default of Pakistan.
Senator Ishaq Dar said that Pakistan will not seek rescheduling of the Paris Club loans and will pay them timely. He also said that the government will pay the international bonds.
Finance Minister became aggressive today as the IMF has raised objections about the new budget of Pakistan for the fiscal year 2023-24, starting from July 1, 2023.
